PakistanProud
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Drop down work fine on my end. Try testing it again.
As for the edit button, that also looks okay. Do you have a screenshot of the problem?
[🇧🇩] Trump's Victory/Tariff/ Bangladesh
- Thread starter Saif
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Bangladesh Defense
Drop down work fine on my end. Try testing it again.
As for the edit button, that also looks okay. Do you have a screenshot of the problem?
Vsdoc
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PakistanProud
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Does the edit button work fine as well?
Vsdoc
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Saif
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With Trump’s win, Bangladesh gets more investment queries from China
Chinese entrepreneurs are increasingly inquiring with Bangladeshi businesses over scope for factory relocations, joint ventures and fresh investments, apprehending that the new Trump administration might further hike tariffs on their exports to the US.
With Trump’s win, Bangladesh gets more investment queries from China
Chinese entrepreneurs are increasingly inquiring with Bangladeshi businesses over scope for factory relocations, joint ventures and fresh investments, apprehending that the new Trump administration might further hike tariffs on their exports to the US.
The Chinese also seek to take advantage of the fact that a European Union (EU) directive on corporate sustainability due diligence, which was already in effect, would be applicable for Bangladesh after two years in 2026.
The directive aims to foster sustainable and responsible corporate behaviour in companies' operations and across their global value chains.
Environmental, sustainability, and workplace safety certifications of companies in Bangladesh are also a big draw.
The inquiries have mainly been coming up with the leather and leather goods, manmade fibre, yarn, textile, and garment sectors over the last few months.
Local business leaders and officials say Trump's first term in the Oval Office caused a similar wave of investment enquiries from Beijing. However, that didn't materialise eventually as Trump's tariff plan saw a bumpy rollout plus the Covid pandemic, roiling the global business landscape and supply chain metrics.
Around $1.03 billion was invested in Bangladesh from Chinese sources in FY18 and $626 million in FY19. But the inflow fell to just $91 million in FY20 during the height of the pandemic, according to Bangladesh Bank data.
There were signs of recovery afterwards as $408 million arrived from China in FY21, but that number declined to $187 million in FY22 and $260 million in FY23.
Currently, Bangladeshi exporters on average face a 15.62 percent duty on exports to the US, but it is still much lower than the 25 percent levied on Chinese goods.
Also, Bangladesh currently enjoys a duty-free facility on all its exports to China. This is advantageous as Chinese manufacturers in Bangladesh would be able to sell goods cheaply in China.
The tariffs on Chinese goods might be further hiked to up to 60 percent, making those uncompetitive in the US markets.
Prior to the US election on November 5, Donald Trump declared that if he were to get elected, he would increase the tariff on Chinese goods by up to 60 percent.
In his previous tenure, Trump increased the tariff on Chinese goods to 25 percent from nearly 3 percent with effect from January 2018.
Because of the higher tariff on Chinese goods, the shipment of garment items from other countries like Vietnam, Cambodia, and Bangladesh to the US started rising and the global share of China in garment trade also declined to a great extent.
For instance, the Chinese share in global garment trade is now at 31 percent while it was more than 36 percent five years ago.
On the other hand, Bangladesh's share in the global garment trade increased from 5 percent to nearly 8 percent over the last five years. Bangladesh has subsequently retained the second position in the global garment trade after China.
This is because Bangladesh currently has the highest number, or 230 to be exact, of garment factories having US Green Building Council's Leadership in Energy and Environmental Design certifications, signifying their compliance with environmental regulations.
These helped improve the reputation of the country and sector, said Khandoker Rafiqul Islam, the immediate past president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
Islam also said a lot of inquiries were coming from China and Taiwan over relocations and investment over many months as they were already feeling the pinch from the high tariff rate of 25 percent.
It is a good sign, but most of the investment that was coming in was on taking over ailing garment factories in Bangladesh, he said.
If Chinese investors take over ailing garment factories, it may not lead to a sudden increase in exports from the country as such changes take time, he added.
A local leather and leather goods exporter, requesting anonymity, said a few Chinese leather goods manufacturers have contacted him over the last few months, either seeking to undertake joint ventures or make fresh investments.
The Chinese exporters are facing high tariffs on products to the US markets, and they will face more difficulties in the near future once the Trump administration forms the US government in January next year, the exporter said.
However, the Chinese inflow of investment, either in the form of joint ventures or fresh investments, is subject to Bangladesh reaching political stability, he added.
Md Anwar Hossain, vice-chairman of the Export Promotion Bureau (EPB) and administrator of the BGMEA, also said a lot of inquiries were coming from Chinese investors, especially after Donald Trump won the US election.
Almost every day, Chinese investors are contacting him and inquiring about the relocation of factories, he also said.
Chinese investors are also interested in investing in Bangladesh as they will also have to face stringent conditions of the EU's due diligence directive, which will come into effect for Bangladesh at a later date, he said.
A senior officer of Bangladesh Investment Development Authority, requesting anonymity, said the official trend of Chinese inquiries centring investments was still the same as it was earlier.
But it is also true that the US foreign policy does not change a lot after a change of government, he said.
A clear picture of Chinese investment inflow to Bangladesh may only be available at least one month later as Trump is yet to take charge of the US government, he added.
Echoing similar views, Mohd Khorshed Alam, president of the Bangladesh China Chambers of Commerce and Industry (BCCCI), said it would take five to six months more to get the real picture of enquiries regarding Chinese factory relocation or investment due to Trump's win.
Currently, Chinese investments in Bangladesh are slow as they are closely monitoring the business and investment climate in the country, he added.
Chinese entrepreneurs are increasingly inquiring with Bangladeshi businesses over scope for factory relocations, joint ventures and fresh investments, apprehending that the new Trump administration might further hike tariffs on their exports to the US.
The Chinese also seek to take advantage of the fact that a European Union (EU) directive on corporate sustainability due diligence, which was already in effect, would be applicable for Bangladesh after two years in 2026.
The directive aims to foster sustainable and responsible corporate behaviour in companies' operations and across their global value chains.
Environmental, sustainability, and workplace safety certifications of companies in Bangladesh are also a big draw.
The inquiries have mainly been coming up with the leather and leather goods, manmade fibre, yarn, textile, and garment sectors over the last few months.
Local business leaders and officials say Trump's first term in the Oval Office caused a similar wave of investment enquiries from Beijing. However, that didn't materialise eventually as Trump's tariff plan saw a bumpy rollout plus the Covid pandemic, roiling the global business landscape and supply chain metrics.
Around $1.03 billion was invested in Bangladesh from Chinese sources in FY18 and $626 million in FY19. But the inflow fell to just $91 million in FY20 during the height of the pandemic, according to Bangladesh Bank data.
There were signs of recovery afterwards as $408 million arrived from China in FY21, but that number declined to $187 million in FY22 and $260 million in FY23.
Currently, Bangladeshi exporters on average face a 15.62 percent duty on exports to the US, but it is still much lower than the 25 percent levied on Chinese goods.
Also, Bangladesh currently enjoys a duty-free facility on all its exports to China. This is advantageous as Chinese manufacturers in Bangladesh would be able to sell goods cheaply in China.
The tariffs on Chinese goods might be further hiked to up to 60 percent, making those uncompetitive in the US markets.
Prior to the US election on November 5, Donald Trump declared that if he were to get elected, he would increase the tariff on Chinese goods by up to 60 percent.
In his previous tenure, Trump increased the tariff on Chinese goods to 25 percent from nearly 3 percent with effect from January 2018.
Because of the higher tariff on Chinese goods, the shipment of garment items from other countries like Vietnam, Cambodia, and Bangladesh to the US started rising and the global share of China in garment trade also declined to a great extent.
For instance, the Chinese share in global garment trade is now at 31 percent while it was more than 36 percent five years ago.
On the other hand, Bangladesh's share in the global garment trade increased from 5 percent to nearly 8 percent over the last five years. Bangladesh has subsequently retained the second position in the global garment trade after China.
This is because Bangladesh currently has the highest number, or 230 to be exact, of garment factories having US Green Building Council's Leadership in Energy and Environmental Design certifications, signifying their compliance with environmental regulations.
These helped improve the reputation of the country and sector, said Khandoker Rafiqul Islam, the immediate past president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
Islam also said a lot of inquiries were coming from China and Taiwan over relocations and investment over many months as they were already feeling the pinch from the high tariff rate of 25 percent.
It is a good sign, but most of the investment that was coming in was on taking over ailing garment factories in Bangladesh, he said.
If Chinese investors take over ailing garment factories, it may not lead to a sudden increase in exports from the country as such changes take time, he added.
A local leather and leather goods exporter, requesting anonymity, said a few Chinese leather goods manufacturers have contacted him over the last few months, either seeking to undertake joint ventures or make fresh investments.
The Chinese exporters are facing high tariffs on products to the US markets, and they will face more difficulties in the near future once the Trump administration forms the US government in January next year, the exporter said.
However, the Chinese inflow of investment, either in the form of joint ventures or fresh investments, is subject to Bangladesh reaching political stability, he added.
Md Anwar Hossain, vice-chairman of the Export Promotion Bureau (EPB) and administrator of the BGMEA, also said a lot of inquiries were coming from Chinese investors, especially after Donald Trump won the US election.
Almost every day, Chinese investors are contacting him and inquiring about the relocation of factories, he also said.
Chinese investors are also interested in investing in Bangladesh as they will also have to face stringent conditions of the EU's due diligence directive, which will come into effect for Bangladesh at a later date, he said.
A senior officer of Bangladesh Investment Development Authority, requesting anonymity, said the official trend of Chinese inquiries centring investments was still the same as it was earlier.
But it is also true that the US foreign policy does not change a lot after a change of government, he said.
A clear picture of Chinese investment inflow to Bangladesh may only be available at least one month later as Trump is yet to take charge of the US government, he added.
Echoing similar views, Mohd Khorshed Alam, president of the Bangladesh China Chambers of Commerce and Industry (BCCCI), said it would take five to six months more to get the real picture of enquiries regarding Chinese factory relocation or investment due to Trump's win.
Currently, Chinese investments in Bangladesh are slow as they are closely monitoring the business and investment climate in the country, he added.
Saif
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Trump’s victory: Is Bangladesh awaiting a boost in apparel exports?
There are still two months before Donal Trump’s scheduled assumption in the office, but some of the US buyers are already communicating about placing more orders.
en.prothomalo.com
Trump’s victory: Is Bangladesh awaiting a boost in apparel exports?
Shuvonkar Karmokar
Dhaka
Updated: 16 Nov 2024, 13: 01
The victory of Donald Trump in the US presidential election has ushered a ray of hope for increased demand for Bangladeshi apparel products in the US market.
During his campaign, the US president-elect announced plans to raise import tariffs on Chinese products. If implemented, the move is expected to shift purchase orders away from China, and Bangladesh may receive a share of the redirected orders, said local entrepreneurs.
During Donald Trump’s first term as the US president, Bangladesh experienced a similar benefit as the China-US trade war led to additional purchase orders for Bangladeshi products and subsequent boost in national exports.
Some apparel exporters said there are still two months before Donald Trump’s scheduled assumption in the office, but some of the US buyers are already communicating about placing more orders, leaving a little room for discussion on potential tariff hike on Chinese imports.
The manufacturers are considering it as a sign of new opportunities as well as business. They, however, fear that it will be too tough to expand their business unless the prevailing woes, including energy crisis and banking complications, are solved.
In the first term of Donald Trump, a trade war began between the US and China in 2018, and it started to move away a significant share of US purchase orders from China in 2019. Bangladesh captured a portion of the redirected purchase orders.
In 2019, apparel exports from Bangladesh to the US rose to $5.93 billion, the highest in seven years. In 2022, the figure peaked at $9.72 billion, despite disruptions inflicted by the Covid-19 pandemic. However, it declined in 2023, due to the Russia-Ukraine war.
According to the office of textiles and apparel (OTEXA) under the US department of commerce, apparel exports from China to the US market declined by $11.06 billion over five years from 2018. In the same period, Bangladesh's exports went up by $1.89 billion, while Vietnam’s exports increased by $1.96 billion.
Tariff is likely to be the common tool for Donald Trump to reduce imports from China. During the election campaign, he repeatedly announced his plan to impose a 10–20 per cent tariff on overall US imports, and it will climb to 60 to 100 per cent for Chinese products.
At an Economic Club event in Chicago last month, Trump said, “To me, the most beautiful word in the dictionary is tariff. It's my favorite word.” His policy encourages US domestic manufacturing.
Expectations
SM Sourcing, a garment factory in Gazipur recognised for its eco-friendly facilities, derives 25 per cent of its exports from the US market.
Its owner, Mirza Shams Mahmud, told Prothom Alo, “We are expecting something good in the US market. We have received a forecast for good business from the US buyers. Some buyers are even showing flexibility while fixing prices of garments.”
There are around a thousand buying houses that act as intermediaries between foreign brands and local factories. A significant portion of exports are carried out through buying houses.
Kyaw Sein Thay Dolly, director of the Bangladesh garment buying house association (BGBA), said US buyers and brands took Trump’s tariff plans seriously, while Chinese exporters already started searching for new markets.
In fact, all are making backup plans. Hence, there have been growing queries in Bangladesh factories. India is also preparing to capture the purchase orders, he added.
Apparel exports to the US market started to rebound in the last few months, overcoming backlash of the Covid-19 pandemic. But Bangladesh lags behind its competitors like Vietnam, Cambodia, Pakistan, and India in terms of growth in apparel exports to the US.
While talking to Prothom Alo, Fazlul Hoque, a former president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said there are grounds to be optimistic about the US market following the victory of Trump.
Trump is appointing individuals with anti-China stances to key positions in his administration. If tariffs are hiked eventually, the purchase orders will be redirected from China. Vietnam already has higher orders than its capacity, and it has no scope for expansion. On the flip side, Bangladeshi factories are running below their production capacity. To grab the opportunity, the supply of gas and power should be increased, in addition to more cooperation from the banks, he explained.
Expert insight
Khondaker Golam Moazzem, research director of the Centre for Policy Dialogue (CPD), said the current US president, Joe Biden, did not move away from his previous administration's China policy. He maintained the tariffs imposed on Chinese products before 2020.
During his election campaign, Donald Trump declared to impose new tariff on Chinese products. He actually wants to strengthen US domestic industries. Hence, the US will increase tariffs on products that they intend to increase domestic production, he said, adding it is less likely for the garments business to receive more business.
Khondaker Golam Moazzem also explained that the investors in China already received a message from the victory of Trump, and some of them will now shift to other places.
“We are struggling to ensure proper structural facilities for the current investors. Against such a backdrop, it will be tough to grab the opportunity if infrastructural issues, labour dissatisfaction, and political tension are not addressed,” he added.
*This report appeared on the print and online versions of Prothom Alo and has been rewritten in English by Misbahul Haque
Shuvonkar Karmokar
Dhaka
Updated: 16 Nov 2024, 13: 01
The victory of Donald Trump in the US presidential election has ushered a ray of hope for increased demand for Bangladeshi apparel products in the US market.
During his campaign, the US president-elect announced plans to raise import tariffs on Chinese products. If implemented, the move is expected to shift purchase orders away from China, and Bangladesh may receive a share of the redirected orders, said local entrepreneurs.
During Donald Trump’s first term as the US president, Bangladesh experienced a similar benefit as the China-US trade war led to additional purchase orders for Bangladeshi products and subsequent boost in national exports.
Some apparel exporters said there are still two months before Donald Trump’s scheduled assumption in the office, but some of the US buyers are already communicating about placing more orders, leaving a little room for discussion on potential tariff hike on Chinese imports.
The manufacturers are considering it as a sign of new opportunities as well as business. They, however, fear that it will be too tough to expand their business unless the prevailing woes, including energy crisis and banking complications, are solved.
In the first term of Donald Trump, a trade war began between the US and China in 2018, and it started to move away a significant share of US purchase orders from China in 2019. Bangladesh captured a portion of the redirected purchase orders.
In 2019, apparel exports from Bangladesh to the US rose to $5.93 billion, the highest in seven years. In 2022, the figure peaked at $9.72 billion, despite disruptions inflicted by the Covid-19 pandemic. However, it declined in 2023, due to the Russia-Ukraine war.
According to the office of textiles and apparel (OTEXA) under the US department of commerce, apparel exports from China to the US market declined by $11.06 billion over five years from 2018. In the same period, Bangladesh's exports went up by $1.89 billion, while Vietnam’s exports increased by $1.96 billion.
Tariff is likely to be the common tool for Donald Trump to reduce imports from China. During the election campaign, he repeatedly announced his plan to impose a 10–20 per cent tariff on overall US imports, and it will climb to 60 to 100 per cent for Chinese products.
At an Economic Club event in Chicago last month, Trump said, “To me, the most beautiful word in the dictionary is tariff. It's my favorite word.” His policy encourages US domestic manufacturing.
Expectations
SM Sourcing, a garment factory in Gazipur recognised for its eco-friendly facilities, derives 25 per cent of its exports from the US market.
Its owner, Mirza Shams Mahmud, told Prothom Alo, “We are expecting something good in the US market. We have received a forecast for good business from the US buyers. Some buyers are even showing flexibility while fixing prices of garments.”
There are around a thousand buying houses that act as intermediaries between foreign brands and local factories. A significant portion of exports are carried out through buying houses.
Kyaw Sein Thay Dolly, director of the Bangladesh garment buying house association (BGBA), said US buyers and brands took Trump’s tariff plans seriously, while Chinese exporters already started searching for new markets.
In fact, all are making backup plans. Hence, there have been growing queries in Bangladesh factories. India is also preparing to capture the purchase orders, he added.
Apparel exports to the US market started to rebound in the last few months, overcoming backlash of the Covid-19 pandemic. But Bangladesh lags behind its competitors like Vietnam, Cambodia, Pakistan, and India in terms of growth in apparel exports to the US.
While talking to Prothom Alo, Fazlul Hoque, a former president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said there are grounds to be optimistic about the US market following the victory of Trump.
Trump is appointing individuals with anti-China stances to key positions in his administration. If tariffs are hiked eventually, the purchase orders will be redirected from China. Vietnam already has higher orders than its capacity, and it has no scope for expansion. On the flip side, Bangladeshi factories are running below their production capacity. To grab the opportunity, the supply of gas and power should be increased, in addition to more cooperation from the banks, he explained.
Expert insight
Khondaker Golam Moazzem, research director of the Centre for Policy Dialogue (CPD), said the current US president, Joe Biden, did not move away from his previous administration's China policy. He maintained the tariffs imposed on Chinese products before 2020.
During his election campaign, Donald Trump declared to impose new tariff on Chinese products. He actually wants to strengthen US domestic industries. Hence, the US will increase tariffs on products that they intend to increase domestic production, he said, adding it is less likely for the garments business to receive more business.
Khondaker Golam Moazzem also explained that the investors in China already received a message from the victory of Trump, and some of them will now shift to other places.
“We are struggling to ensure proper structural facilities for the current investors. Against such a backdrop, it will be tough to grab the opportunity if infrastructural issues, labour dissatisfaction, and political tension are not addressed,” he added.
*This report appeared on the print and online versions of Prothom Alo and has been rewritten in English by Misbahul Haque
Saif
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Prof Yunus confident of finding common ground with Trump
Chief Adviser Prof Muhammad Yunus is "confident" that he can find "common ground" with President-elect Donald Trump despite their divergent worldviews, reports TIME Magazine
Prof Yunus confident of finding common ground with Trump
Muhammad Yunus, left, and Donald Trump
Chief Adviser Prof Muhammad Yunus is "confident" that he can find "common ground" with President-elect Donald Trump despite their divergent worldviews, reports TIME Magazine.
"Trump is a businessman; we are in business," TIME quoted Prof Yunus as saying.
"We are not asking for free money to help us out of some crisis; we want a business partner," he said.
Reassuring global firms that Bangladesh remains open for business with a top priority, he said still the glacial pace of reform means doubts fester, according to the TIME.
On October 31, Trump posted on X to condemn the "barbaric violence against Hindus, Christians, and other minorities who are getting attacked and looted by mobs in Bangladesh, which remains in a total state of chaos."
Compounding matters, Prof Yunus has his own baggage with Trump, owing to his close friendship with Hillary Clinton, publicly lamenting her 2016 election defeat: "Trump's win has hit us so hard that this morning I could hardly speak. I lost all strength."
As protesters encircled her official residence in Dhaka, former PM Sheikh Hasina fled in a military helicopter to India, where she and her cabal of key advisers continued to rail against her ouster.
Prof Yunus revealed that he would be seeking Hasina's extradition after prosecutors issued a warrant for her part in the violence, though few believe Indian Prime Minister Narendra Modi would comply.
"Not only is she being hosted by India, the worst part is that she's talking, which causes a lot of problems for us. It makes people very unhappy to hear that voice. So, this is something that we have to resolve," Yunus said.
Prof Yunus tells TIME that the young minds are full of ideas and ambitions and aspirations. "They depicted their future in those murals, and it's something much greater than Bangladesh has ever seen."
Muhammad Yunus, left, and Donald Trump
Chief Adviser Prof Muhammad Yunus is "confident" that he can find "common ground" with President-elect Donald Trump despite their divergent worldviews, reports TIME Magazine.
"Trump is a businessman; we are in business," TIME quoted Prof Yunus as saying.
"We are not asking for free money to help us out of some crisis; we want a business partner," he said.
Reassuring global firms that Bangladesh remains open for business with a top priority, he said still the glacial pace of reform means doubts fester, according to the TIME.
On October 31, Trump posted on X to condemn the "barbaric violence against Hindus, Christians, and other minorities who are getting attacked and looted by mobs in Bangladesh, which remains in a total state of chaos."
Compounding matters, Prof Yunus has his own baggage with Trump, owing to his close friendship with Hillary Clinton, publicly lamenting her 2016 election defeat: "Trump's win has hit us so hard that this morning I could hardly speak. I lost all strength."
As protesters encircled her official residence in Dhaka, former PM Sheikh Hasina fled in a military helicopter to India, where she and her cabal of key advisers continued to rail against her ouster.
Prof Yunus revealed that he would be seeking Hasina's extradition after prosecutors issued a warrant for her part in the violence, though few believe Indian Prime Minister Narendra Modi would comply.
"Not only is she being hosted by India, the worst part is that she's talking, which causes a lot of problems for us. It makes people very unhappy to hear that voice. So, this is something that we have to resolve," Yunus said.
Prof Yunus tells TIME that the young minds are full of ideas and ambitions and aspirations. "They depicted their future in those murals, and it's something much greater than Bangladesh has ever seen."
